![]() A springing power of attorney is effective only upon the occurrence of some event you have defined or upon the determination of the principal’s incapacity (by 2 physicians, for example).Ī durable power of attorney provides that the document is effective even after the person who has executed it no longer has the capacity to do so: it is ‘durable’. TIME IS OF THE ESSENCE.Ī DURABLE POWER OF ATTORNEY FOR PROPERTY/FINANCES will ensure that, should you become incapacitated whether for a short term or progressively until death, someone you trust and name as your attorney in fact (agent) will have the authority to: transact or terminate your business fix the roof of your house if you are staying in it rent it out for you, or sell it, as needed pay your bills, collect your pension and/or Social Security, monitor your stocks and retirement accounts, make “gifts” to your children, arrange your insurances, pay your taxes, monitor your Medicare, apply for Medi-Cal, etc.Īn immediate power of attorney is effective as soon as the principle signs it. Once any of these has occurred, you may well lack the legal capacity to execute these documents – or any other estate planning documents for that matter. These powers of attorney are especially important as we age and face the possibility of infirmities, strokes, hospitalization or nursing home care but also, for any active adult driving a car or just crossing the street! The “catch” here is that you must execute these durable powers of attorney while you have legal capacity, before there is any loss of ability to pay bills, bank or make home repairs and before there is a doctor’s diagnosis of dementia, including Alzheimer’s disease. In addition to a Will and a Trust which are only (Will) or largely (Trust) about your “stuff” when you are dead, powers of attorney are vitally important documents while you are still living but unable to manage your finances or your health. ![]()
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